Dinh La Thang further prosecuted for economic mismanagement

NDO - Dinh La Thang, former chairman of the state-owned oil and gas group PVN, has been further prosecuted in another case of economic mismanagement, causing a loss of VND800 billion (US$35.2 million) to the PVN when investing in Oceanbank.

Six other senior officials of PVN were also prosecuted for their involvement in this case, including the chief accountant Ninh Van Quynh, deputy director general Nguyen Xuan Son and board members Vu Khanh Truong, Nguyen Xuan Thang, Nguyen Thanh Liem and Phan Dinh Duc.

According to the indictment, Thang signed a share purchase agreement with Oceanbank chairman Ha Van Tham without informing the board of directors and signed orders on additional investment in Oceanbank without approval of the Prime Minister.

Thang was well-informed concerning Oceanbank’s weaknesses yet still decided to invest VND800 billion in Oceanbank, in violation of relevant rules and the PM’s instructions while others acted as accomplices in the loss of such investment.

Thang is set to appear in court on January 8 in a trial expected to last for two weeks.

Thang was arrested on December 8 after having his parliamentary membership and all Party activities suspended.

Earlier in May, Thang had been removed from the Politburo and stripped of his post as Party chief of Ho Chi Minh City after being found to have committed multiple serious violations.